Egypt, faced with rising inflation and the depreciation of its currency, has decided to allocate a substantial budget of LE596 billion (US$12.66 billion) to support the middle classes and low-income populations. income. A laudable effort to alleviate the financial pressures weighing on these categories of the population.
Egyptian Finance Minister Mohamed Maait recently announced that this budget will be mainly dedicated to key sectors such as food, petroleum products and social solidarity initiatives. Indeed, more than LE134 billion will be allocated for food products, while more than LE147 billion will be devoted to supporting fuel prices. The “Solidarity and Dignity” program will benefit from a budget of LE40 billion.
It is interesting to note that the bread subsidy exceeds LE125 billion, thus keeping its cost at an accessible level for citizens. This measure aims to mitigate the impact of increased costs for consumers, by requiring them to only make a small financial contribution.
Egypt has recently taken drastic economic measures, including a significant devaluation of its currency and a significant increase in interest rates, to deal with pressure from oil prices on the global market. These actions allowed Cairo to strengthen its financing program with the International Monetary Fund, increasing from three billion to eight billion dollars. A bold strategy aimed at stabilizing the country’s economy and supporting its citizens in the face of current economic challenges.
In conclusion, Egypt is working to put in place robust measures to protect its citizens from the effects of rising prices and depreciating its currency, demonstrating a strong commitment to the well-being of its population.